On January 1, 2018, TNT, Inc. issued 2,000 shares of $50 par value, convertible preferred shares for $180,000. Each preferred share is convertible into one share of 510 par common stock. What is the necessary journal entry to record this transaction? 180,000 O A. Cash Convertible Preferred Stock-$50 Par Addl. Paid - in Capital in Excess of Par-Preferred 100,000 80,000 180,000 OB. Cash Preferred Stock-$50 Par Addl. Paid - in Capital in Excess of Par-Preferred 20,000 160,000 100,000 OC. Cash Preferred Stock-Convertible 100,000 180.000 OD. Cash Preferred Stock-Convertible 180,000